Here is how you can grow wealthy, beat poverty trap
Before you finish reading this article, at least eight out of 10 people will have done something that contributes to their future poverty.
Only two out of 10 will have done what is required to remain prosperous in the future.
The question you need to ask yourself today is, “Am I among the lucky two or the not-so-lucky eight?”. Here are the things that could easily draw your route-map to a life of perpetual poverty.
- You focus on linear income instead of passive income:
Most people focus on linear income in the name of salary, allowances and one-off payments. Wise men on the other hand focus on passive income in the name of royalties, interest rates, value addition and profit.
Relying on linear income is similar to using buckets to fetch water from the river. With time, you’ll get too old and too tired to transport them to and fro and that means you’ll have to starve for as long as you don’t go to the river.
Relying on passive income on the other hand is similar to building a pipeline.
It may require a lot of work at the beginning but with time, you’ll no longer have to go to the river to get water— the river will come to you and you’ll not starve.
- You are still waiting to start your journey of success:
Everyone wants to succeed but very few people are willing to step into the cold waters. In the history of the world, no marathon race has ever been won (or even finished) by someone who never left the starting line.
As you are stuck saying that you have no enough capital to start, someone else is busy making good use of whatever little they have.
As you are busy lamenting that there are no business ideas, someone else is busy sharpening his innovation claws.
Continue waiting at the starting line and poverty will soon find you there to keep you company.
- When you earn more you spend more:
Consistently raising your expenditure is a good way to accumulate debt and to remain stuck in the echelons of poverty.
To stay out of bad debt, you will either need to find a way to earn more or spend less. The first and best option is to find ways to earn more and keep your expenditure constant.
As you know this can only be done by creating multiple streams of income and lots of thinking is necessary in that case.
- You complain instead of committing:
“Life is too expensive”. “It’s hopeless; I will never get out of debt”. “I don’t earn enough money.” Have you ever uttered any of the above statements before, or perhaps all of them?
As long as you do nothing to change, then you have a direct ticket to the land of poverty. Stop complaining and making lame excuses. Instead, take responsibility for your non-productive habits and focus on changing them.
- You live for today; tomorrow will take care of itself:
In the 1950s a scientist from Harvard University studied the reasons for upward socio-economic mobility. He wanted to know how some generations get wealthier while others get poorer.
All his research brought him to a single factor that he concluded was more accurate than any other thing in predicting success – he called it “The Time Perspective”.
Most people remain poor because their “time perspective” is focused on short-term goals such as meeting basic lifestyle needs, buying luxury items, paying rent etc…are you one of them?
- You just don’t get it!
The problem is that you keep learning but you don’t get it. You are educated but you have never internalised what your teachers told you.
You have knowledge but you don’t want to make good use of it.
You are still stuck at the starting line all along because you don’t want to start small and grow bit by bit from there.
You are still stuck in the lottery mentality hoping that one day you will wake up and voila! discover “the newest, incredibly easiest way to get wealth.” BY DAILY NATION
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